Description

ESIC stands for Employee State Insurance Corporation and its an autonomous body which was created by the Ministry of Labor and Employment. ESIC regulates and governs the Employee State Insurance in India. The Employees' State Insurance Act, 1948 was ordained by the legislature as incorporated need based on the insurance scheme of the individual. It is a self- financing social insurance scheme started for the benefits of the employees in India by supplying and providing them with all necessary needs and benefits such as monetary facilities, medical facilities, and many more benefits from their business owner or employer. ESI is governed and managed by the rules and regulations granted by the ESIC Act 1948.